Blakeney LLP, one of the major shareholders in UAC of Nigeria Plc (UACN), has continued to sell its stake in the company. The company has engaged in at least 6 separate share sales transactions in the past four months. The most recent share sales is the largest quantity Blakeney has sold in 2020, in a single transaction.
According to the notification of share dealing by insiders sent to the Nigerian Stock Exchange and the investing public by UACN, dated 7 August 2020, Blakeney a substantial shareholder sold 80 million units of UACN shares on 5 August 2020.
The transaction which took place at Nigerian Stock Exchange in Lagos, has an identification code of NGUACN000006. The shares were sold at N5.75 per share, which will amount to N460.00 million.
The recent sales bring the total number of UACN shares sold by Blakeney in 2020, to at least 155 million units in 4 months. This represents 93.45% Blakeney’s stake in UACN according to UACN publication.
Prior to this transaction, Blakeney has been on a selling spree of UACN shares since April 2020. Previous sales are as follows;
- 40 million units sold at N7.00 per share on 17 June 2020
- 15 million units sold at N6.90 per share on 12 May 2020
- 10 million units sold at N6.80 per share on 11 May 2020
- 4 million units sold at N6.02 per share on 28 April 2020
- 6 million units sold at N6.2 per share on 24 April 2020
In a disclosure dated 1 February 2018, signed by Godwin A Samuel, the company secretary/Legal Adviser, UACN notified the Nigerian stock exchange and the investing public that, 3 shareholders hold over 5% stake each in the company shares. This disclosure followed a rights issue of 960,432,193 ordinary shares of 50 Kobo each at the offer price of N16 per share on the basis of one (1) new ordinary shares for every two ordinary shares held as at 19 October 2017.
The 3 shareholders were named as follows by UACN
- Stanbic IBTC Nominees Nigeria Ltd – 225,228,178 shares (8%)
- Themis Capital Management – 232,345,727 shares ( 8%)
- Blakeney GP 111 Ltd – 165,790,820 shares (6%)
However, while Blakeney is reducing its stake in UACN, Themis Capital Management on the hand is increasing its position in the company. On 14 February 2020, Themis purchased a total of 15,680,314 units of UACN shares at an average price of N10.00 per share in six tranches of transaction.
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Blakeney LLP is one of the pioneers of institutional investment in Africa and the Middle East. Since 1995 the company has been investing in companies operating in Africa and the Middle East since 1995 and has played a major role in the development of stock markets in the two regions. Blakeney’s clients are mostly blue-chip institutions: U.S. university endowments, foundations, charities and family offices.